Nairobi, Kenya, February 5, 2013—IFC,
a member of the World Bank Group, today announced an investment with the
support of the Government of Canada in the Housing Finance Company of Kenya
to help the mortgage lender increase access to housing finance and pioneer
the market for environmentally friendly housing in the country.

IFC will provide up to $20 million financing
to Housing Finance Company of Kenya, including up to $4 million from the
IFC-Canada Climate Change Program. This long-term funding is aimed at encouraging
property developers to build eco-friendly homes. The Government of Canada’s
contribution has helped make the financing package viable.

Frank Ireri, Housing Finance, Managing Director,
said, “The growth of demand for housing requires increased financing to
ensure that Kenyans can afford quality housing. The support from the IFC-Canada
Climate Change Program ensures that Housing Finance will be able to support
mortgages for purchases of homes that meet IFC’s high international standards
for energy and water use.”

Oumar Seydi, IFC Director for Eastern and
Southern Africa, said, “Improving access to finance and contributing to
projects that have a positive impact on climate change are priorities for
IFC in Africa. IFC’s support for Housing Finance Company of Kenya will
make available more affordable housing finance and create opportunities
for innovative, energy-efficient housing development.”

Canada’s Environment Minister, the Hon.
Peter Kent, said, “The global challenge of climate change requires a global
solution, and Canada is proud to support environmental efforts such as
these.”

The investment is the first housing finance
project for IFC in Kenya. Presently there is limited supply of green houses
in Kenya and low market awareness among home buyers of the benefits of
purchasing such a property. The project will apply IFC’s green building
standards to test the viability of this market on a commercial scale.

About the IFC-Canada Climate Change Program
The IFC-Canada Climate Change Program promotes private sector financing
for clean energy projects. Canada’s financing to IFC for this program
is part of its overall fast-start financing contribution for 2010–2011.
Under the Copenhagen Accord, developed countries committed to provide fast-start
financing of almost $30 billion for 2010–2012 to support climate-change
mitigation and adaptation in developing countries. As part of Canada’s
commitment to support climate change action in developing countries, Canada
is contributing $1.2 billion Canadian dollars in new and additional climate-change
financing over three years (fiscals 2010–2013).

About IFC
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, providing
advisory services to businesses and governments, and mobilizing capital
in the international financial markets. In fiscal 2011, amid economic uncertainty
across the globe, we helped our clients create jobs, strengthen environmental
performance, and contribute to their local communities—all while driving
our investments to an all-time high of nearly $19 billion. For more information,
visit www.ifc.org.
For more information, visit www.ifc.org.

Housing Finance

For over 47 years, Housing Finance has been
“turning dreams into homes” for thousands of Kenyan families by enabling
our clients to save money as they build, buy and own their homes. At HF,
our mission is to remain the leading integrated solutions enabler for the
property industry in Kenya. We offer innovative products and services,
delivered all-under one roof by exceptionally committed people to enhance
shareholder value. Our business is anchored on multiplatform solutions
across the property value-chain as suppliers and financiers offering unique
solutions as an environmentally responsible corporate citizen. For more
information, visit www.housing.co.ke
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